PGIM Hires Goldman Sachs OCIO Exec to Head Portfolio Management

PGIM has hired Goldman Sachs Asset Management’s Mao Dong as co-head of portfolio management for its $17 billion multi-asset solutions business.

Dong will be responsible for designing and managing multi-asset portfolios for institutional clients, including developing and applying relative value views across public and private investment strategies.

He will share portfolio management responsibilities with co-head Jonathan Holt and report to CIO Alfred Lerman.

At GSAM, he served as co-head of OCIO portfolio management, where he led a team of portfolio managers, overseeing strategic and dynamic asset allocation, portfolio implementation, and risk management for OCIO portfolios globally.

Dong’s appointment follows the recruitment of Eoin Elliffe as CRO in June. Elliffe joined PGIM Multi-Asset Solutions (PMA) from Midwest Holding, where he was also CRO.

“Our insurance, reinsurance and pension fund clients increasingly require complex multi-asset class portfolio construction and management,” said PMA CEO Phil Waldeck. “Dong’s appointment is another important milestone in building PGIM’s multi-asset solutions business to meet the needs of those clients.

PGIM announced its recent appointment as the asset manager for the assets underpinning a $11 billion reinsurance transaction between Prudential Financial and Wilton Re.

This is the affiliate’s second reinsurance mandate, following its appointment as asset manager to Prismic Life Re, a Bermuda-based life and annuity reinsurance company launched by Prudential Financial and Warburg Pincus in September 2023.